The document provides an overview and analysis of the fourth quarter 2014 Orange County industrial real estate market. Key points include: - Vacancy rates decreased to 3.58% while availability rates were 5.85%, both improvements from 2013. Average asking lease rates increased 3.28% to $0.63/sqft. - Absorption was positive with 1.97 million sqft absorbed. Sales transactions and lease transactions decreased compared to 2013. - Construction increased with over 1.5 million sqft planned, mostly in Anaheim and Brea. Vacancy is forecast to continue decreasing. - The market showed encouraging signs of continued improvement in 2014 and is forecast to see more growth in 2015

1. Fourth Quarter 2014
Orange County
Industrial
Prepared by:
Jerry J. Holdner, Jr.
Vice President of Market Research
e-mail: jholdner@voitco.com
Tony Tran
Market Research Analyst
e-mail: ttran@voitco.com
VOIT Real Estate Services
To view available properties or
electronic versions of current
or past market reports,
please visit:
www.voitco.com
OVERVIEW
2014 2013 2012 % of Change vs. 2013
Total Vacancy Rate 3.58% 3.94% 4.79% (9.14%)
Availability Rate 5.85% 6.15% 7.69% (4.88%)
Average Asking Lease Rate $0.63 $0.61 $0.57 3.28%
Average Asking Sale Price $176.26 $147.77 $148.99 19.28%
Sale & Lease Transactions 18,669,297 24,365,991 21,728,751 (23.38%)
Gross Absorption 11,517,675 13,021,615 12,623,826 (11.55%)
Net Absorption 1,973,051 2,446,274 871,115 N/A
FORECAST
• Employment - We anticipate job growth of around 2.6%, or 38,000 jobs, in the Orange County area over the next four quarters
according to Chapman University. The most rapid growth should take place in the construction, education & health, professional &
business services, and leisure & hospitality sectors.
• Lease Rates - Expect average asking lease rates to increase by another 3% to 5% over the next four quarters.
• Vacancy - We anticipate vacancy rate continuing to descend in coming quarters, dropping by 60 basis points, to around 3.0%, by the
end of the third quarter of 2015.
MARKET CHANGE
Compared to 2013:
Vacancy
Net Absorption
Sales Price
Lease Rates
Transactions
HIGHLIGHTS
• Encouraging Numbers - The Orange County industrial market
continued to improve this year, posting a 3.58% vacancy rate
for the fourth quarter of 2014, one of the lowest levels since the
second quarter of 1998. Both vacancy and availability displayed
significant drops and asking lease rates and occupancy costs
continued to increase. Net absorption posted nearly two million
square feet of positive absorption during 2014.
• Construction - There was 266,406 square feet under
construction at the end of 2014 and over 1.5 million square
feet planned, mostly in Anaheim and Brea. This is the most
construction we have seen since 2008.We anticipate more build-
to-suit and speculative development emerging later this year.
• Vacancy - Direct / sublease space (unoccupied) finished the
quarter at 3.58%, one of the lowest figures seen since the
second quarter of 1998, and a decrease of over 9% since the
fourth quarter of 2013, despite the 1.175 million square feet of
added space in 2014.The Airport Area submarket presented the
lowest vacancy rate in the county at 2.98%.
• Availability - Direct / sublease space being marketed came in
at 5.85% for the fourth quarter of 2014, a 4 basis point increase
from the previous quarter and a decrease of 4.88% from 2013’s
rate of 6.15%. The lack of available space is creating pent up
demand in some size ranges and is applying upward pressure
on pricing.
• Lease Rates - The average asking triple-net lease rate checked
in at $0.63 per square foot per month, unchanged from the
previous quarter and up two cents or 3.28% over 2013’s fourth
quarter figure. The South County submarket posted the highest
average asking lease rate in the county at $0.76. The record
high rate of $0.80 was established in the second and third
quarters of 2008.
• Sales Pricing - The average asking sales price in the fourth
quarter of 2014 was $176.26 per square foot, eleven dollars
and twenty-six cents higher than the previous quarter and up
19.28% when compared to 2013’s fourth quarter rate. The
record high asking price of $181.23 was established in the
third quarter of 2007.
• Absorption - The Orange County industrial market posted
363,514 square feet of negative net absorption at the end of the
fourth quarter of 2014, giving the industrial market 9.4 million
square feet of positive absorption since the second quarter of
2010. North Orange County experienced over 880,000 square
feet of positive absorption in 2014. We are forecasting that net
absorption will continue its positive trend into 2015.
• Transaction Activity - Leasing activity checked in at 10.7 million
square feet for 2014, a decrease over 2013’s total of 14.6 million
square feet leased. Sales activity came in below the previous
year’s rate, recording just under 8 million square feet for 2014
compared to 2013’s 9.8 million square feet of sales transactions.
This decrease is due to a lack of available space in many size
ranges.This statistic can have some lag time in being reported,
so look for fourth quarter figures to end up somewhat higher
on the next report.
• Employment - The unemployment rate in Orange County was
5.0% in November 2014, unchanged from a revised 5.0% in
October 2014 and below the previous year’s estimate of 5.8%.
This compares with an unadjusted unemployment rate of 7.1%
for California and 5.5% for the nation during the same period.
According to the State of California Employment Development
Department, Orange County saw a net increase of 32,200 payroll
jobs from November 2013 to November 2014. Most sectors
showed gains in employment; the largest gains were 10,900
in educational and health services and 7,700 in construction
during that same period. Manufacturing posted the largest
year-over-year loss, dropping by 2,300 jobs.
• Overall - Vacancy continues to drop, and the amount of available
space has decreased significantly over the past year. A lack
of product available for lease and sale in some size ranges
(particularly anything below 100,000 square feet) is causing
an increase in prices and a drop in transaction volume. As we
move into the first quarter of 2015, positive absorption should
continue, occupancy costs will continue to increase and with
very few deliveries in the pipeline to apply upward pressure on
vacancy, we foresee 2015 being another year of growth.

2. Orange County 4Q14 2
Industrial
FORECAST
AVERAGE ASKING TRIPLE-NET LEASE RATE
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
MONTHLY OCCUPANCY COST ON A PER SQ. FT. BASIS
$0.67
$0.65
$0.63
$0.61
$0.59
$0.57
$0.55
Rate
NET ABSORPTION
CHANGE IN THE AMOUNT OF OCCUPIED SPACE FROM ONE QUARTER TO THE NEXT
1,500,000
1,000,000
500,000
0
-500,000
-1,000,000
Square Feet
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
FORECAST
VACANCY & AVAILABILITY RATE
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
VACANCY - UNOCCUPIED SPACE | AVAILABILITY - ALL SPACE BEING MARKETED
AvailabilityVacancy
8%
7%
6%
5%
4%
3%
2%
Percent
SALES TRANSACTIONS
TOTAL AMOUNT OF SPACE THAT SOLD IN A QUARTER
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
Square Feet
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q144Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
Investment Sale User Sale
LEASE TRANSACTIONS
TOTAL AMOUNT OF SPACE THAT LEASED IN A QUARTER
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
Square Feet
WEIGHTED AVERAGE ASKING SALES RATES
SALES PRICE ON A PER SQ. FT. BASIS
$180
$170
$160
$150
$140
$130
$120
Rate
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
$0.63
5.85%
3.58%

3. Orange County 4Q14 3
Industrial
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
21%
18%
15%
12%
9%
6%
3%
0%
New Deliveries Availabilty
ANNUAL NEW DELIVERIES VS. AVAILABILITY RATE
Square Feet Percent
5.85%
Lease rates are on a triple-net basis.
INVENTORY VA CA NC Y & LEA SE R AT ES A B SORP TI ON
Number
of
Bldgs.
Net
Rentable
Square Feet
Square
Feet
U / C
Square
Feet
Planned
Square
Feet
Vacant
Vacancy
Rate
4Q2014
Square
Feet
Available
Availability
Rate
4Q2014
Average
Asking
Lease Rate
Average
Asking
Sales Price
Net
Absorption
4Q2014
Net
Absorption
2014
Gross
Absorption
4Q2014
Gross
Absorption
2014
North County
Anaheim 1,823 44,446,529 0 601,120 2,164,035 4.87% 2,445,691 5.50% $0.52 $157.16 (104,851) 722,387 462,905 2,146,745
Brea 326 11,445,140 95,270 630,052 257,370 2.25% 538,855 4.71% $0.64 $133.89 (55,526) 67,032 80,614 388,854
Buena Park 231 13,491,017 0 0 667,333 4.95% 879,925 6.52% $0.59 $161.43 (157,659) (94,776) 74,007 947,399
Fullerton 441 16,928,266 0 0 274,337 1.62% 1,490,310 8.80% $0.52 $125.95 34,788 (8,626) 124,064 669,273
La Habra 197 4,088,646 0 15,000 674,196 16.49% 688,094 16.83% $0.83 $250.86 13,833 (8,233) 18,215 78,932
Orange 735 13,623,210 0 0 211,617 1.55% 280,621 2.06% $0.77 $167.07 (28,340) (61,720) 97,191 253,819
Placentia 219 4,116,635 0 0 56,936 1.38% 145,032 3.52% $0.68 $0.00 269,598 302,031 334,206 514,322
Yorba Linda 52 985,473 0 0 45,376 4.60% 62,599 6.35% $0.70 $178.60 (12,991) (36,063) 11,064 33,410
North County Total 4,024 109,124,916 95,270 1,246,172 4,351,200 3.99% 6,531,127 5.99% $0.57 $160.73 (41,148) 882,032 1,202,266 5,032,754
West County
Cypress 97 3,906,486 0 0 329,393 8.43% 650,374 16.65% $0.59 $183.62 0 134,462 0 137,147
Garden Grove 480 12,033,443 0 0 446,951 3.71% 807,455 6.71% $0.57 $138.85 (68,402) (141,116) 131,929 530,730
Huntington Beach 673 14,185,285 144,754 41,400 350,115 2.47% 675,247 4.76% $0.58 $226.63 (189,950) 779,245 90,347 1,366,241
La Palma 16 1,774,689 0 0 0 0.00% 192,980 10.87% $0.56 $0.00 22,288 0 22,288 22,288
Los Alamitos 97 2,420,079 0 0 163,905 6.77% 181,794 7.51% $0.57 $0.00 13,290 20,018 22,030 93,406
Seal Beach 15 981,146 0 0 0 0.00% 64,000 6.52% $0.73 $161.72 0 0 0 0
Stanton 175 1,802,073 0 0 24,838 1.38% 32,342 1.79% $0.00 $327.71 (12,478) 3,565 3,052 47,735
Westminster 151 2,372,047 0 0 2,080 0.09% 32,297 1.36% $0.00 $190.72 16,512 11,010 16,512 53,725
West County Total 1,704 39,475,248 144,754 41,400 1,317,282 3.34% 2,636,489 6.68% $0.59 $169.25 (218,740) 807,184 286,158 2,251,272
Airport Area
Costa Mesa 417 7,609,008 0 0 246,255 3.24% 332,996 4.38% $0.70 $237.20 (39,154) (105,717) 37,708 205,659
Fountain Valley 184 3,703,496 0 224,200 12,873 0.35% 105,445 2.85% $0.00 $226.52 (2,662) 12,267 8,090 101,789
Irvine 326 13,071,455 0 0 462,525 3.54% 764,767 5.85% $0.75 $146.60 68,075 216,914 315,721 732,298
Newport Beach 51 904,350 0 0 0 0.00% 9,144 1.01% $0.00 $0.00 0 1,359 0 2,359
Santa Ana 1,581 30,715,312 0 12,100 830,232 2.70% 1,407,112 4.58% $0.69 $163.68 (43,392) 134,479 439,213 1,481,442
Tustin 116 4,564,067 0 0 252,649 5.54% 393,215 8.62% $0.57 $189.55 (7,669) (51,762) 42,773 213,814
Airport Area Total 2,675 60,567,688 0 236,300 1,804,534 2.98% 3,012,679 4.97% $0.70 $172.25 (24,802) 207,540 843,505 2,737,361
South County
Aliso Viejo 18 682,318 0 0 3,506 0.51% 19,746 2.89% $1.10 $0.00 3,633 2,000 5,324 10,830
Foothill Ranch 67 3,559,956 0 0 75,824 2.13% 169,776 4.77% $0.86 $0.00 (33,920) 5,128 0 84,323
Irvine Spectrum 210 9,235,518 26,382 0 353,487 3.83% 540,194 5.85% $0.69 $210.88 (59,563) 125,245 20,509 634,874
Laguna Hills 93 1,214,160 0 0 65,337 5.38% 60,422 4.98% $1.01 $239.07 (18,856) (3,225) 9,401 121,728
Laguna Niguel 25 365,372 0 15,000 0 0.00% 0 0.00% $0.00 $0.00 0 0 0 0
Lake Forest 198 4,227,004 0 0 279,070 6.60% 430,593 10.19% $0.79 $199.24 17,873 (160,769) 99,872 297,210
Mission Viejo 35 543,540 0 0 20,054 3.69% 29,484 5.42% $0.00 $0.00 15,819 1,653 19,402 46,951
Rancho Santa Margarita 105 1,630,491 0 0 11,239 0.69% 77,748 4.77% $0.78 $0.00 565 21,639 5,720 44,119
San Clemente 170 2,050,198 0 0 58,001 2.83% 109,538 5.34% $0.89 $180.02 4,237 49,137 15,855 185,550
San Juan Capistrano 43 915,020 0 0 20,044 2.19% 36,108 3.95% $1.05 $0.00 (8,612) 35,487 6,952 70,703
South County Total 964 24,423,577 26,382 15,000 886,562 3.63% 1,473,609 6.03% $0.76 $204.93 (78,824) 76,295 183,035 1,496,288
Orange County Total 9,367 233,591,429 266,406 1,538,872 8,359,578 3.58% 13,653,904 5.85% $0.63 $176.26 (363,514) 1,973,051 2,514,964 11,517,675
Less than 9,999 3,312 20,163,713 0 0 199,369 0.99% 533,649 2.65% $1.00 $221.31 48,305 186,330 218,560 920,191
10,000-19,999 3,159 43,580,078 0 42,100 945,528 2.17% 1,606,003 3.69% $0.86 $186.70 149,741 326,925 659,526 2,378,917
20,000-29,999 1,197 28,413,183 26,382 0 577,799 2.03% 940,278 3.31% $0.76 $190.32 (2,541) 41,611 335,223 1,479,736
30,000-39,999 488 16,559,529 0 141,157 288,539 1.74% 509,276 3.08% $0.74 $156.03 63,090 283,949 254,217 961,680
40,000-49,999 298 13,082,996 0 86,487 435,191 3.33% 952,093 7.28% $0.61 $152.43 (70,459) (9,743) 147,063 616,627
50,000-74,999 370 22,233,602 50,182 66,602 892,740 4.02% 1,463,363 6.58% $0.61 $137.70 (146,488) (96,296) 254,411 1,041,636
75,000-99,999 167 14,271,899 189,842 0 711,318 4.98% 955,764 6.70% $0.62 $172.09 (204,501) 58,738 21,660 531,244
100,000-149,999 181 21,256,808 0 273,916 1,234,723 5.81% 1,487,913 7.00% $0.63 $182.26 (209,196) (222,190) 207,183 954,319
150,000-199,999 72 12,157,750 0 347,077 1,304,721 10.73% 1,955,071 16.08% $0.64 $128.96 92,097 340,660 354,027 741,558
200,000-299,999 70 16,734,459 0 214,339 797,764 4.77% 1,256,940 7.51% $0.51 $190.50 (123,562) 463,119 23,094 1,291,819
300,000 Plus 53 25,137,412 0 367,194 971,886 3.87% 1,993,554 7.93% $0.57 $0.00 40,000 599,948 40,000 599,948
Orange County Total 9,367 233,591,429 266,406 1,538,872 8,359,578 3.58% 13,653,904 5.85% $0.63 $176.26 (363,514) 1,973,051 2,514,964 11,517,675

4. Orange County 4Q14 4
Industrial
NET ABSORPTION
CHANGE IN THE AMOUNT OF OCCUPIED SPACE FROM ONE QUARTER TO THE NEXT
750,000
500,000
250,000
0
-250,000
-500,000
Square Feet
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
FORECAST
VACANCY & AVAILABILITY RATE
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
VACANCY - UNOCCUPIED SPACE | AVAILABILITY - ALL SPACE BEING MARKETED
AvailabilityVacancy
8%
7%
6%
5%
4%
3%
2%
Percent
LEASE TRANSACTIONS SALES TRANSACTIONS
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
Square Feet Square Feet
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
TOTAL AMOUNT OF SPACE THAT SOLD IN A QUARTER
Investment Sale User Sale
TOTAL AMOUNT OF SPACE THAT LEASED IN A QUARTER
5.99%
3.99%
INVENTORY VA CA NC Y & LEA SE R AT ES A B SORP TI ON
Number
of
Bldgs.
Net
Rentable
Square Feet
Square
Feet
U / C
Square
Feet
Planned
Square
Feet
Vacant
Vacancy
Rate
4Q2014
Square
Feet
Available
Availability
Rate
4Q2014
Average
Asking
Lease Rate
Average
Asking
Sales Price
Net
Absorption
4Q2014
Net
Absorption
2014
Gross
Absorption
4Q2014
Gross
Absorption
2014
North Totals
Less than 9,999 1,309 8,320,770 0 0 88,330 1.06% 217,981 2.62% $0.93 $198.30 14,039 58,074 107,940 432,825
10,000-19,999 1,404 19,315,901 0 15,000 443,102 2.29% 671,126 3.47% $0.79 $168.78 44,954 139,961 307,007 958,773
20,000-29,999 518 12,281,222 0 0 247,710 2.02% 445,522 3.63% $0.68 $204.73 50,956 42,770 199,612 641,905
30,000-39,999 223 7,534,217 0 35,957 97,776 1.30% 234,186 3.11% $0.65 $136.92 37,075 151,944 116,533 468,316
40,000-49,999 131 5,747,705 0 45,087 195,459 3.40% 283,865 4.94% $0.59 $134.22 (84,877) (16,965) 91,063 269,490
50,000-74,999 174 10,427,585 0 66,602 453,823 4.35% 971,901 9.32% $0.57 $114.15 (121,031) (81,637) 141,889 467,402
75,000-99,999 74 6,292,436 95,270 0 257,409 4.09% 279,302 4.44% $0.62 $171.87 (73,830) (35,240) 0 64,562
100,000-149,999 91 10,775,424 0 154,916 482,027 4.47% 391,822 3.64% $0.59 $182.26 40,000 111,472 40,000 323,654
150,000-199,999 35 5,934,880 0 347,077 709,888 11.96% 997,273 16.80% $0.54 $0.00 198,222 283,550 198,222 393,718
200,000-299,999 38 9,148,724 0 214,339 774,876 8.47% 847,122 9.26% $0.51 $0.00 (146,656) 228,103 0 1,012,109
300,000 Plus 27 13,346,052 0 367,194 600,800 4.50% 1,191,027 8.92% $0.00 $0.00 0 0 0 0
Total 4,024 109,124,916 95,270 1,246,172 4,351,200 3.99% 6,531,127 5.99% $0.57 $160.73 (41,148) 882,032 1,202,266 5,032,754
NORTH ORANGE COUNTY
In the fourth quarter of 2014, the North Orange County industrial market consisted of 4,024 buildings totaling 109,124,916 square feet
and had an availability rate of 5.99%, which shows an increase from the previous quarter’s figure of 5.60%.

5. Orange County 4Q14 5
Industrial
FORECAST
VACANCY & AVAILABILITY RATE
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
VACANCY - UNOCCUPIED SPACE | AVAILABILITY - ALL SPACE BEING MARKETED
AvailabilityVacancy
12%
10%
8%
6%
4%
2%
Percent
NET ABSORPTION
CHANGE IN THE AMOUNT OF OCCUPIED SPACE FROM ONE QUARTER TO THE NEXT
800,000
600,000
400,000
200,000
0
-200,000
-400,000
-600,000
Square Feet
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
LEASE TRANSACTIONS SALES TRANSACTIONS
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
Square Feet Square Feet
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
TOTAL AMOUNT OF SPACE THAT SOLD IN A QUARTER
Investment Sale User Sale
TOTAL AMOUNT OF SPACE THAT LEASED IN A QUARTER
3.34%
6.68%
INVENTORY VA CA NC Y & LEA SE R AT ES A B SORP TI ON
Number
of
Bldgs.
Net
Rentable
Square Feet
Square
Feet
U / C
Square
Feet
Planned
Square
Feet
Vacant
Vacancy
Rate
4Q2014
Square
Feet
Available
Availability
Rate
4Q2014
Average
Asking
Lease Rate
Average
Asking
Sales Price
Net
Absorption
4Q2014
Net
Absorption
2014
Gross
Absorption
4Q2014
Gross
Absorption
2014
West Totals
Less than 9,999 700 4,124,041 0 0 48,296 1.17% 106,731 2.59% $0.83 $206.53 4,362 47,134 23,744 122,355
10,000-19,999 560 7,408,212 0 0 209,860 2.83% 295,623 3.99% $0.78 $213.51 73,580 4,981 143,877 454,525
20,000-29,999 184 4,408,963 0 0 58,822 1.33% 107,054 2.43% $0.56 $92.00 3,778 23,912 56,360 194,720
30,000-39,999 61 2,127,160 0 0 16,578 0.78% 52,928 2.49% $0.68 $0.00 39,349 29,687 46,677 112,530
40,000-49,999 51 2,234,861 0 41,400 30,028 1.34% 214,290 9.59% $0.55 $139.02 (3,028) 44,064 3,500 99,132
50,000-74,999 59 3,551,570 50,182 0 66,060 1.86% 64,000 1.80% $0.73 $172.93 (30,000) (54,810) 0 13,586
75,000-99,999 28 2,373,329 94,572 0 122,748 5.17% 77,500 3.27% $0.55 $127.00 (63,911) 130,542 12,000 218,453
100,000-149,999 25 2,915,501 0 0 399,133 13.69% 513,442 17.61% $0.58 $0.00 (140,103) (140,164) 0 182,566
150,000-199,999 15 2,486,049 0 0 342,869 13.79% 363,662 14.63% $0.58 $0.00 (102,767) 60,468 0 192,035
200,000-299,999 13 3,131,860 0 0 22,888 0.73% 409,818 13.09% $0.00 $0.00 0 168,051 0 168,051
300,000 Plus 8 4,713,702 0 0 0 0.00% 431,441 9.15% $0.49 $0.00 0 493,319 0 493,319
Total 1,704 39,475,248 144,754 41,400 1,317,282 3.34% 2,636,489 6.68% $0.59 $169.25 (218,740) 807,184 286,158 2,251,272
WEST ORANGE COUNTY
In the fourth quarter of 2014, the West Orange County industrial market consisted of 1,704 buildings totaling 39,475,248 square feet
and had an availability rate of 6.68%, which shows a decrease from the previous quarter’s figure of 7.14%.

6. Orange County 4Q14 6
Industrial
FORECAST
VACANCY & AVAILABILITY RATE
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
VACANCY - UNOCCUPIED SPACE | AVAILABILITY - ALL SPACE BEING MARKETED
AvailabilityVacancy
8%
7%
6%
5%
4%
3%
2%
Percent
NET ABSORPTION
CHANGE IN THE AMOUNT OF OCCUPIED SPACE FROM ONE QUARTER TO THE NEXT
300,000
200,000
100,000
0
-100,000
-200,000
-300,000
Square Feet
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
LEASE TRANSACTIONS SALES TRANSACTIONS
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
Square Feet Square Feet
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
TOTAL AMOUNT OF SPACE THAT SOLD IN A QUARTER
Investment Sale User Sale
TOTAL AMOUNT OF SPACE THAT LEASED IN A QUARTER
2.98%
4.97%
INVENTORY VA CA NC Y & LEA SE R AT ES A B SORP TI ON
Number
of
Bldgs.
Net
Rentable
Square Feet
Square
Feet
U / C
Square
Feet
Planned
Square
Feet
Vacant
Vacancy
Rate
4Q2014
Square
Feet
Available
Availability
Rate
4Q2014
Average
Asking
Lease Rate
Average
Asking
Sales Price
Net
Absorption
4Q2014
Net
Absorption
2014
Gross
Absorption
4Q2014
Gross
Absorption
2014
Airport Totals
Less than 9,999 937 5,401,279 0 0 29,841 0.55% 105,968 1.96% $0.00 $229.15 10,638 61,195 50,414 224,778
10,000-19,999 899 12,567,370 0 12,100 181,446 1.44% 388,717 3.09% $0.90 $197.45 29,754 121,432 161,760 681,099
20,000-29,999 358 8,472,319 0 0 153,878 1.82% 181,264 2.14% $0.75 $183.30 (29,512) (37,210) 55,781 392,570
30,000-39,999 157 5,320,501 0 105,200 116,801 2.20% 139,797 2.63% $0.00 $215.00 18,700 59,127 89,171 232,710
40,000-49,999 88 3,841,832 0 0 202,660 5.28% 406,126 10.57% $0.62 $173.89 17,446 (38,813) 52,500 187,962
50,000-74,999 103 6,226,252 0 0 279,478 4.49% 279,416 4.49% $0.59 $136.69 29,683 10,662 112,522 327,376
75,000-99,999 51 4,395,923 0 0 126,060 2.87% 378,371 8.61% $0.64 $195.00 (37,060) 57,040 9,660 136,732
100,000-149,999 45 5,167,422 0 119,000 184,121 3.56% 260,599 5.04% $0.68 $0.00 (101,093) (129,164) 115,892 291,700
150,000-199,999 14 2,396,280 0 0 159,163 6.64% 501,335 20.92% $0.79 $128.96 (3,358) (3,358) 155,805 155,805
200,000-299,999 13 3,166,726 0 0 0 0.00% 0 0.00% $0.00 $0.00 0 0 0 0
300,000 Plus 10 3,611,784 0 0 371,086 10.27% 371,086 10.27% $0.65 $0.00 40,000 106,629 40,000 106,629
Total 2,675 60,567,688 0 236,300 1,804,534 2.98% 3,012,679 4.97% $0.70 $172.25 (24,802) 207,540 843,505 2,737,361
AIRPORT AREA
In the fourth quarter of 2014, the Airport Orange County industrial market consisted of 2,675 buildings totaling 60,567,688 square feet
and had an availability rate of 4.97%, which shows a decrease from the previous quarter’s figure of 5.32%.

7. Orange County 4Q14 7
Industrial
FORECAST
VACANCY & AVAILABILITY RATE
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
VACANCY - UNOCCUPIED SPACE | AVAILABILITY - ALL SPACE BEING MARKETED
AvailabilityVacancy
9%
8%
7%
6%
5%
4%
3%
2%
Percent
NET ABSORPTION
CHANGE IN THE AMOUNT OF OCCUPIED SPACE FROM ONE QUARTER TO THE NEXT
400,000
300,000
200,000
100,000
0
-100,000
-200,000
-300,000
Square Feet
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
LEASE TRANSACTIONS SALES TRANSACTIONS
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
250,000
200,000
150,000
100,000
50,000
0
Square Feet Square Feet
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
TOTAL AMOUNT OF SPACE THAT SOLD IN A QUARTER
Investment Sale User Sale
TOTAL AMOUNT OF SPACE THAT LEASED IN A QUARTER
6.03%
3.63%
INVENTORY VA CA NC Y & LEA SE R AT ES A B SORP TI ON
Number
of
Bldgs.
Net
Rentable
Square Feet
Square
Feet
U / C
Square
Feet
Planned
Square
Feet
Vacant
Vacancy
Rate
4Q2014
Square
Feet
Available
Availability
Rate
4Q2014
Average
Asking
Lease Rate
Average
Asking
Sales Price
Net
Absorption
4Q2014
Net
Absorption
2014
Gross
Absorption
4Q2014
Gross
Absorption
2014
South Totals
Less than 9,999 366 2,317,623 0 0 32,902 1.42% 102,969 4.44% $1.08 $249.22 19,266 19,927 36,462 140,233
10,000-19,999 296 4,288,595 0 15,000 111,120 2.59% 250,537 5.84% $0.90 $198.18 1,453 60,551 46,882 284,520
20,000-29,999 137 3,250,679 26,382 0 117,389 3.61% 206,438 6.35% $0.89 $216.32 (27,763) 12,139 23,470 250,541
30,000-39,999 47 1,577,651 0 0 57,384 3.64% 82,365 5.22% $0.00 $0.00 (32,034) 43,191 1,836 148,124
40,000-49,999 28 1,258,598 0 0 7,044 0.56% 47,812 3.80% $0.75 $189.61 0 1,971 0 60,043
50,000-74,999 34 2,028,195 0 0 93,379 4.60% 148,046 7.30% $0.78 $0.00 (25,140) 29,489 0 233,272
75,000-99,999 14 1,210,211 0 0 205,101 16.95% 220,591 18.23% $0.65 $180.00 (29,700) (93,604) 0 111,497
100,000-149,999 20 2,398,461 0 0 169,442 7.06% 322,050 13.43% $0.68 $0.00 (8,000) (64,334) 51,291 156,399
150,000-199,999 8 1,340,541 0 0 92,801 6.92% 92,801 6.92% $0.63 $0.00 0 0 0 0
200,000-299,999 6 1,287,149 0 0 0 0.00% 0 0.00% $0.00 $190.50 23,094 66,965 23,094 111,659
300,000 Plus 8 3,465,874 0 0 0 0.00% 0 0.00% $0.00 $0.00 0 0 0 0
Total 964 24,423,577 26,382 15,000 886,562 3.63% 1,473,609 6.03% $0.76 $204.93 (78,824) 76,295 183,035 1,496,288
SOUTH ORANGE COUNTY
In the fourth quarter of 2014, the South Orange County industrial market consisted of 964 buildings totaling 24,423,577 square feet
and had an availability rate of 6.03%, which shows an increase from the previous quarter’s figure of 5.79%.

8. Industrial Orange County Fourth Quarter 2014
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MAJOR TRANSACTIONS
Sales Transactions
Property Address Submarket Square Feet Sale Price Per SF Buyer Seller
6550 Katella Ave. West County 543,431 $111.30 Stockbridge Capital Group, LLC Colony Realty Partners
52 Discovery South County 213,400 $262.42 52 Discovery, LLC Nikken USA, LLC
2060 N. Batavia St. North County 227,505 $204.39 Foamex International Sares-Regis Group
4321 Jamboree Rd. Airport Area 311,452 $143.44 The Picerne Group Shopoff Realty Investments, LP
601 S. Acacia Ave. North County 440,227 $97.11 KTR Capital Partners, LP Yokohama Tire Corporation
Lease Transactions
Property Address Submarket Square Feet Transaction Date Tenant Owner
6400 Valley View St. North County 238,270 Mar-14 Dynamic Worldwide West Prologis
6300 Valley View St. North County 190,800 May-14 Manhattan Beachwear Prudential RE Advisors
105 S. Puente St. - Sublease North County 184,000 Jul-14 Pleaser USA, Inc. eCMM (Division of Foxconn)
5800 Skylab Rd. West County 167,778 Mar-14 Mitsubishi Electronics Morgan Stanley
25342 Commercentre Dr. - Renewal South County 156,374 Sep-14 Quantum Fuel System Worldwide Makena Properties
North
Orange County
South
Orange County
Airport
Area
West
Orange
County
22
91
91
24157
57
55
55
241
133
261
405
605
405
5
5
5
1
73
John Wayne
Airport
SUBMARKETS
NORTH
Anaheim, Brea, Buena Park, Fullerton, La Habra, Orange, Placentia and Yorba Linda
WEST
Cypress, Garden Grove, Huntington Beach, La Palma, Los Alamitos, Seal Beach, Stanton
and Westminster
AIRPORT
Costa Mesa, Fountain Valley, Irvine, Newport Beach, Santa Ana and Tustin
SOUTH
Aliso Viejo, Foothill Ranch, Irvine Spectrum, Laguna Hills, Laguna Niguel, Lake Forest, Mission
Viejo, Rancho Santa Margarita, San Clemente and San Juan Capistrano
PRODUCT TYPE
MFG./DIST.
Manufacturing/Distribution/Warehouse facilities with up to 29.9% office space.